President Trump is now focusing on tax reform. For those of you who are not familiar with the federal tax codes, you can visit a public or university library and look for the Code of Federal Regulations, or CFR, produced at the Government Printing Office. Every year there are updates but in general, it resides on the reference shelves of libraries and takes up about seven or eight shelves. The most numerous section is on taxation, approximately three shelves.
People complain that the wealthy do not seem to pay taxes and that there are loopholes their CPAs use to save them from taxation. Well then, who better to reform tax law than the people who use the loopholes to keep from having to pay? We all might agree to pay “our fair share,” but have different opinions on what is “fair.” I am tired of making monthly payments to the IRS that seem to end just in time to start up with next year’s monthly payments.
I would like to see the tax codes reformed and simplified. I also understand that some only make donations to the fine arts, museums, theater, medical research, and religious institutions or other nonprofits because they can get a tax break. There are many people who make those donations because it is the right thing to do. However, I am cautious about the unintended consequences which could have a negative effect on nonprofits if they lose their benefactors. The $10 I pay for admission to a museum could easily increase tenfold.
So, I support President Trump in his effort to reform the tax code. I would like to see it become less complicated and the CFR should have fewer volumes.
Barbara Campbell Harvey